PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211719
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211719
Vehicle Subscription Market size was valued at USD 5,109.5 Million in 2022, expanding at a CAGR of 17.9% from 2023 to 2030.
Vehicle subscription is a category of service in which a client makes a recurring payment to have access to one or more automobiles. While some car subscriptions include insurance and maintenance as part of the monthly charge, other subscriptions let the subscriber move between different cars at any time.
Vehicle Subscription Market- Market Dynamics
The market is anticipated to expand as a result of the spike in the use of the vehicle subscription model around the globe due to its affordability and ease of user access to automobiles. For instance, General Motors announced the creation of the "Ultifi" software platform for their vehicles on September 29, 2021. Over-the-air (OTA) upgrades, in-car subscription services, and "new chances to promote consumer loyalty" will all be made possible by this new software. The carmaker designs the new software that powers everything, from the routine-like weather apps-to the debatable-like the use of in-car cameras for facial recognition or to detect youngsters and immediately engage the child locks in the vehicle.
The advantages of subscription versus leasing are promoting market expansion. When compared to leasing, one advantage of subscriptions is that they include costs that leasing services do not, such as maintenance, repair, insurance, license fees, and taxes. Additionally, compared to the leasing service, the subscription agreement's duration is longer. This characteristic is therefore predicted to fuel the market for car subscriptions.
Vehicle Subscription Market- Segmentation Analysis:
The Global Vehicle Subscription Market is segmented based on Vehicle, Subscription Period, End Use, and Region.
The Vehicle Subscription Market is segmented into three categories based on the subscription period: 1 to 6 months, 6 to 12 months, and more than 12 months. Because it is typically seen that the employer segment rents the vehicle during their vacations, the 1 to 6 months segment dominates this market. This factor fuels the demand for subscription services with terms between one and six months.
Based on End Use, the corporate end use segment dominated the vehicle subscription market in 2022, accounting for more than XX% of total revenue. It is predicted that this segment will continue to grow significantly during the forecast period as a result of an increase in business trips, the provision of transportation services to employees, and the use of contracts with the ideal duration.
Vehicle Subscription Market- Geographical Insights
The projected period will be dominated by North America and Europe, which is anticipated to contribute more than 25% of the overall revenue share in the following decades. This is a result of the high living standards and abundant disposable income in these regions. For instance, on August 28th, CarNext, a pan-European marketplace for high-quality used automobiles, established a partnership with DEKRA and ProovStation, two of the top technology companies, to test the application of AI technology for virtual car inspections. Using cutting-edge AI technology and automating the scanning and damage detection stage of the reconditioning process, ProovStation's scanner will enable CarNext to improve its inspection and remarketing procedures.
Vehicle Subscription Market- Recent Development:
In March 2022, for its flagship electric car model, the Ionic 5, Hyundai Motor Company introduced mobility subscription services in major cities, including Seoul.
Key features of the study:
This proposed research study on the Vehicle Subscription market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for ` the Vehicle Subscription market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Vehicle Subscription market
The impact of COVID-19 on the Vehicle Subscription market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Vehicle Subscription market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Vehicle Subscription market, we have also included a competitive landscape and key innovator analysis for the Vehicle Subscription market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Vehicle Subscription market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Vehicle Subscription market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL VEHICLE SUBSCRIPTION MARKET KEY PLAYERS
FlexDrive
Clutch Technologies, LLC
CarNext
Fair Financial Corp.
Cluno GmbH
DriveMyCar Rentals Pty Ltd
Daimler AG
BMW AG
General Motors
Hyundai Motor India
Tata Motors
Tesla
Volkswagen
Volvo Car Corporation
ZoomCar
GLOBAL VEHICLE SUBSCRIPTION MARKET, BY VEHICLE
IC Powered Vehicle
Electric Vehicle
GLOBAL VEHICLE SUBSCRIPTION MARKET, BY SUBSCRIPTION PERIOD
1 to 6 Months
6 to 12 Months
More Than 12 Months
GLOBAL VEHICLE SUBSCRIPTION MARKET, BY END USE
Private
Corporate
GLOBAL VEHICLE SUBSCRIPTION MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA